Vietnam: Low Priced Imports Continue to Weigh on HRC Offers

Imported HRC offers to Vietnam continue to slump further owing to cheaper offers from Indian and Russia. Offers have come down by USD 5-15/MT against the beginning of this week. Vietnam buyers have aggressively booked cargoes from Indian and Russian mills for June shipments. However Chinese steel mills continue to offer on the higher side.

-- Also, Vietnam based domestic steelmaker Formosa Ha Tinh is planning to reduce its HRC offers for June shipments. However, an official announcement is still awaited, shared by company officials.

Current imported HRC offers to Vietnam-

-- HRC (SAE 1006, 2mm), China- Benxi is offering at USD 410/MT CFR basis. Prior offer- USD 415/MT CFR basis.

-- HRC (SAE 1006, 2mm), Japan- JFE Steel is offering at USD 420/MT CFR basis.

---- HRC (SAE 1006, 2mm), India- Indian mills offering via traders at USD 380/MT CFR basis.

-- HRC (SAE 1006, 2mm), South Korea-Hyundai Steel is offering at USD 420/MT CFR basis. Prior offer- USD 435/MT CFR basis.

-- HRC (SAE 1006, 2mm, big coils), Russia- MMK Steel's offer is at USD 370/MT CFR basis. At the beginning of the week, offers were at USD 375-380/MT CFR

-- HRC (SAE 1006, 2mm), Russia- Severstal is offering at USD 368-370/MT CFR basis.

-- Earlier this week, Russia-based MMK steel mill had concluded a deal of around 80,000 MT HRC (big coils) to Vietnam at USD 370/MT CFR basis for June delivery.